AMETEK announced that it has completed its acquisition of FARO Technologies for $44 per share in cash, or approximately $920 million, net of cash acquired. The completion of the transaction follows approval from FARO shareholders and the receipt of all regulatory approvals. As a result of the merger’s completion, the common stock of FARO will no longer be listed for trading on the Nasdaq.
FARO joins AMETEK as part of its Ultra Precision Technologies Division within AMETEK’s Electronic Instruments Group. FARO Technologies is a leading provider of 3D measurement and imaging solutions, including portable measurement arms, laser scanners, and trackers, software solutions, and comprehensive service offerings. FARO’s precision manufacturing and digital reality solutions serve a diverse range of end markets. FARO had annual sales of approximately $340 million.AMETEK is a leading global provider of industrial technology solutions serving a diverse set of attractive niche markets with annual sales of roughly $7 billion.
AMETEK’s Growth Model integrates the four growth strategies— Operational Excellence, Technology Innovation, Global and Market Expansion, and Strategic Acquisitions—with a disciplined focus on cash generation and capital deployment. AMETEK’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 90 years and is a component of the S&P 500.
KEY QUOTE:
“We are pleased to announce the closing of this highly strategic acquisition and are excited to welcome the FARO Technologies team to AMETEK. FARO’s leadership in 3D metrology and digital reality solutions enhances our capabilities in precision measurement and supports our expansion into attractive market segments.”
David A. Zapico, AMETEK Chairman and Chief Executive Officer
